Digital transformation of business: approaches and definitions

The relevance of this paper is due to the rapid development and spread of modern digital technology in many areas of human activity, including the banking sector. Effective banking now requires not only a reinforcement of classical banking theory, but also a deep understanding of the future of banking institutions in today's digital transformation. This paper examines information about the change in banking institutions due to the implementation of digital transformation of their systems and the development of financial technology.